Bautista said PAL was simply not able to sell tickets at rates higher than its competitors, specifically Cebu Pacific.

In contrast, Cebu Pacific chalked up P7.91 billion in net income last year, down by 18.9 percent from P9.75 billion in 2016. Gokongwei blamed the drop in profits to a weaker peso and higher jet fuel prices.

Despite expected losses due to Boracay’s closure, Bautista announced that PAL would continue to open more routes with the delivery of new airplanes.

From the current fleet of 85 aircraft, PAL aims to have a total of 100 aircraft by 2018 ?which places us in the league of a major carrier.”

?But we are not merely adding more planes, we are constantly upgrading the cabins, seats, amenities, in-flight entertainment and technology,? he said.

PAL currently serves 76 destinations in four continents. ?We just turned 77 years old, but our fleet is among the youngest in the industry. Most of all, our spirit is young and we are focused strongly on the future,? he pointed out.